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Q&A: Microlease is Becoming Electro Rent

What Does this Mean to Me?

  1. How will this change benefit me?
  2. When did Electro Rent acquire Microlease?
  3. Will I have the same sales and support contacts?
  4. To whom do I issue Purchase Orders prior to July 1?
  5. To whom do I issue Purchase Orders starting July 1?
  6. To whom do I pay invoices?
  7. Will I still be able to access the website for Electro Rent - www.electrorent.com - and Microlease - www.microlease.com?
  8. Who do I contact if I have questions?
  9. Further information about the acquisition


1. How will this change benefit me?

    • Largest Inventory in the Industry – by far. Over $1 billion of rental, new, and refurbished equipment in stock and ready for quick delivery – including industry-leading names such as Keysight, Tektronix, Keithley, Rohde & Schwarz, Anritsu…and more than 200 additional quality brands.
    • Highly Technical Team of Experts. Engineers, finance, and asset management specialists available to help you solve your toughest technical and financial challenges related to testing.
    • Extensive Financing Options. A variety of procurement options including New Purchase, Refurbished Purchase, Rental, Lease, and additional flexible financing options to help you stretch your budget.
    • World-Class Asset Management. Comprehensive test management services and tools to help you get the utmost value from your test-related investments, including both people and equipment.

2. When did Electro Rent acquire Microlease?

January 31, 2017.

3. Will I have the same sales and support contacts?

Please continue to work with your current sales team. If you are unsure who to contact, please contact sales@electrorent.com and one of our sales engineers will get back to you shortly.


4. To whom do I issue Purchase Orders for New Equipment prior to July 1?

Please issue purchase orders for new test equipment to Microlease. 


5. To whom do I issue Purchase Orders starting July 1?

Beginning July 1, 2017, please issue your purchase orders to Electro Rent Corporation. Below you’ll find the corporate information you will need to update your systems, listed according to region. Submit any remittance emails to AR@electrorent.com.

United States of America

Company / Account Name: Electro Rent Corporation

Federal Tax ID: 95-2412961

DUNS Number: 05-399-9009

CCR Cage Code: 1K4J0

NAICS Code: 532490

US Postal Address: 6060 Sepulveda Blvd, Van Nuys, CA 91411


Canada

Company / Beneficiary Name: Electro Rent LLC

Federal Tax ID: 95-2412961

DUNS Number: 05-399-9009

CCR Cage Code: 1K4J0

NAICS Code: 532490

Postal Address: 210 Brunel Road, Units 1 & 2, Mississauga, Ontario L4Z 1T5


6. To whom do I pay invoices?

Please remit any outstanding payments to the contact information on the received invoice(s). New invoices (with the Electro Rent information) will roll out beginning July 1, 2017; these are to be paid to Electro Rent. 

Payment details can be found on your invoices. Feel free to contact our Accounts Receivable department at AR@electrorent.com if you have any questions.

Below you’ll find the corporate information you will need to update your systems, listed according to region:

US Banking/Routing Information: 

  • JPMorgan Chase Bank, N.A., 270 Parkway Avenue, New York, NY 10003 
  • Account Number: 532389520


ACH / EFT

WIRE TRANSFER

ABA/Routing Number:

322271627

021000021

Swift Code:


CHASUS33


Canada Banking/Routing Information: 

  • JPMorgan Chase Bank, N.A., Toronto Branch, Suite 4500, TD Bank Tower, 66 Wellington Street West, Toronto, ON M5K 1E7 CANADA

Credit to Beneficiary

CAD

USD

Account Number:

4000010904

4000010888

Sort Code / ABA / Routing No:

027000012

 

Transit Number:

00012

00012

Bank No:

270

270

SWIFT Code BIC:

CHASCATTCTS

CHASCATTCTS


Intermediary Bank

CAD

USD

Bank Name:

Royal Bank of Canada Toronto

JPMorgan Chase Bank, N.A.

ABA / Routing Number:


021000021

SWIFT Code BIC:

ROYCCAT2

CHASUS33


7. Will I still be able to access the website for Electro Rent – www.electrorent.com – and Microlease – www.microlease.com?

Starting in July, the Microlease website will be redirected to www.electrorent.comWe are excited to offer this newly improved website which will include a comprehensive view of our inventory (the largest in the world) and industry-leading equipment services. Visit www.electrorent.com today to search for equipment, learn about our equipment services, and submit inquiries.


8. Who do I contact if I have questions?

Please contact us at (800) 553-2255 or sales@electrorent.com.


9. Further information about the acquisition

Electro Rent Corporation announced the completion of the acquisition of Microlease from Lloyds Development Capital on February 3, 2017.

Electro Rent is a portfolio company of Platinum Equity, which acquired the business in August 2016. Microlease CEO Nigel Brown said the transaction creates a premier platform with a global footprint.

“This is exciting news for our customers, our employees and all of our partners. Both companies are leaders in testing and measurement equipment rental, sales, and asset management services,” said Mr. Brown. “We will better serve our markets through an expanded equipment fleet and broader geographical coverage, ensuring better availability levels and a higher level of technical service.”

Mr. Brown said he expects a seamless transition. The North American operation will remain headquartered in Van Nuys, California and EMEA operations will be headquartered in London, United Kingdom.

About Electro Rent
Electro Rent Corporation (www.electrorent.com) is one of the largest global organizations devoted to the rental, leasing and sales of general purpose electronic test equipment, personal computers and servers. It has over 50 years of experience in advising customers on their best acquisition approach, including rent, purchase and leasing options and combinations. The company is headquartered in Van Nuys, California, USA.

About Microlease
Microlease (www.microlease.com) is a leading equipment services and distribution provider to the test and measurement industry across Europe, Asia, and the US. It helps clients deploy equipment when and where needed in the most cost-effective manner via services including rental, leasing, and asset management. The company was founded in
1979, and is headquartered in London, United Kingdom.


About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with a portfolio of approximately 30 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions, and operations — a trademarked strategy it calls M&A&O® — acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics. Over the past 20 years, Platinum Equity has completed more than 185 acquisitions.